The Canada Emergency Business Account (CEBA) is an interest-free loan of $60,000 for your business until December 31, 2022. If you have approved and accept this new account, you will have access to a $60,000 loan with an interest rate of 0%, no charge, and you must not be due until December 31, 2022. On October 9, 2020, the federal government announced an extension of the CEBA that will allow additional funding through the program. We are awaiting the details of this extension in order to provide this update to our membership as soon as possible. If you have already applied for CEBA and have any questions, please contact the new CEBA government call centre at 1-888-324-4201 for a status update for your CEBA application. The CEBA call centre is open Monday to Friday from 5 a.m. to 6 p.m. Visit ceba-cuec.ca/ for more updates. Clients who wish to apply for the CEBA program or who wish to obtain information about Scotiabank`s assistance are available at: www.scotiabank.com/ca/en/personal/scotia-support/business-banking.html Canada Emergency Business Account (CEBA) offers legitimate small businesses, including many small owner-managed businesses that do not have a pay slip, individual entrepreneurs who directly receive business income, and non-profit members with loans of up to $40,000.
This federal program must help cover the operating costs of businesses during a period when their revenues have been temporarily reduced as a result of the pandemic. The loan is interest-free until December 31, 2022. During this period, no repayment is required unless you wish to repay 75% of the loan to qualify for the pardon function up to $10,000. For qualified small entrepreneurs, the CEBA program provides access to a $60,000 loan: CEBA is a $40,000 government-guaranteed loan to help small entrepreneurs, meet their immediate cash flow needs: in this next phase of the CEBA, the federal government has extended its assistance to small businesses to provide additional interest-free financing of $20,000 for a limited period. This expansion will be made available to all eligible borrowers who have already received the $40,000 loan. For new CEBA applicants, they can now apply for a $60,000 loan if they qualify in accordance with program requirements. In addition, the federal government will increase the maximum usable amount from US$10,000 to US$20,000 if the total CEBA loan is repaid by December 31, 2022. The amount of the pardon depends on a number of variables, including the size of the credit, detailed in the FAQs on the CEBA website. Yes, we will continue to follow a ceBA letter of commitment outlining the details of the loan for approved applications. For your safety, you can sign this document in digital format.
For security reasons, we need a mobile phone number for authentication. Please provide them as your application`s phone number. As part of this third phase of the CEBA, the federal government has established new conditions requiring approval of export development eligibility Canada (EDC) prior to the release of funding. While small business and investment bank customers remain required to provide a certificate to Scotiabank as part of the application process, EDC will also request additional documents before a loan can be approved.